ECON 1011 Discussion Practice: Week #6 February 24, 2023 Q1. Taxes: Consider a market with the following supply and demand curves, graph them, and find the equilibrium price and quantity. Then find total welfare (producer surplus and consumer surplus). D1 : P = 24 - Q S1: P = 2Q vigque gniwollot erdt rillw feshort wan sableno) :vigque altaall rhily eckeT SO Graph the supp P .asvivo bnameb bus subsidy quart the pos song muhdillupe went out ball bas eevivo bremen one vaqua wen ed) last) vibraup bos Q a. Impose a $6 tax on the demand side. Sketch the shadow demand curve. Find the post- tax quantity and price. (Note: there are two prices, (1) the price the consumer pays which includes the tax, and (2) the sticker price which excludes the tax and is the price the supplier receives for the good. P Seulgive emailew Isfol and al JarlWo no evillo busmab wobeds wal 03 ames enl esogml quin ovode orit Q b. Find the total welfare after the tax. This includes consumer surplus, producer surplus, and tax revenue. What is the dead weight loss